Teen Talk…

We took Lexie and Larry, Jr. with us to our coaching session with Mike last week. We really wanted them to get an idea of how a savings account should be treated and what it is used for. As Dad and Step Mom, we really got an earful of how our kids viewed money and the purpose of it.

We had set up savings accounts for the kids a couple of years ago, but we never really followed through with teaching about them. They earned their own money and they put some of it into their accounts, but it ended up being just a holding tank until they found something they happened to come across and wanted A LOT. There was no set plan for it.

If you know anything about teenagers, you know that life is lived through a cell phone. If you want an answer immediately from them, you had better text the question to them. You will get an immediate response. Well… here is their description of the meeting with Mike and the lessons that he taught them… spoken through their cell phones…

MY QUESTIONS… their answers: Larry, Jr//Lexie (get ready… you might have to look a few of these codes up!!)

WHAT’S A SAVINGS ACCOUNT FOR? 2 sav $// tew help u save moola 4 da fture

WHAT DO YOU PLAN ON USING YOUR SAVING ACCOUNT FOR? Sports stuff nd fer parties nd HS// 4 food n stuff whn I git 2 college nd 2 git n2 a college I like tht hs good sports teems.

HOW MUCH ARE YOU PLANNING ON HAVING IN YOUR ACCOUNT BY THE TIME YOU GRADUATE FROM HIGH SCHOOL? $1,500 at least//hmmm… u knw, smthng like near $2000.

HOW MUCH DO YOU PUT IN YOUR SAVINGS ACCOUNT EACH WEEK? I juss put in $6 or $7 evryothr wk//i put in 2 r 3 bux a wk. Dpends if m gunna go tew ftball game on Fri

WHAT ELSE DO YOU SPEND YOUR MONEY ON? Monster drinks n soda nd stuf dat looks cool//food @ skewl or @ VBall games

WHAT OTHER KINDS OF INFORMATION DID COACH MIKE GIVE YOU?  told me hw much a divis 3 college costs// told me hw much a college in da big 10 costs

WHERE DO YOU GET THE MONEY FOR YOUR SAVINGS ACCOUNT? chors and doin th papr route// helping wth th route n helpn rents around da house

IS IT OK TO SPEND THE MONEY YOU EARN? pends on wht it is. If its food I let rents buy it bt if its lik clothes or sum it ight// ehhhh… well you ernd it but u gotta tink ahead. Remember dat ur tryn 2 sv $ 4 college so u shud put a littl n savings

There was a lot learned at this coaching session. We learned a lot about how our kids thought!!! They now have the idea that at least a percentage of every pay they have should go towards savings. This is a lesson that Larry and I have been learning since we began Project Money. As we are going through this competition we seem to be learning things side by side. Our descriptions are a bit different, but it’s the same general idea. Pay yourself first with what you earn. Decide what percentage of your income you want to set aside into your savings, and STICK TO IT. College is only 4 years away!